Fri Sep 20 05:10:08 UTC 2024: ## Reliance Infrastructure Soars on Funding Plans, Debt Reduction

**Mumbai, India -** Shares of Reliance Infrastructure surged over 12% on Friday, hitting a one-year high, after the company announced plans to raise ₹3,000 crore through a qualified institutional placement (QIP).

The company’s board of directors approved the QIP, which will see the issuance of equity shares or other eligible securities to qualified institutional buyers. Reliance Infrastructure also announced the issuance of up to 12.56 crore equity shares or warrants convertible into equity shares at an issue price of ₹240 per share through preferential allotment.

The positive market sentiment follows Reliance Infrastructure’s significant progress in reducing its external debt. The company has lowered its standalone external debt from ₹3,831 crore to ₹475 crore, resulting in a net worth of ₹9,041 crore. The company recently settled its obligations with Edelweiss Asset Reconstruction Company Limited and cleared its outstanding dues to various lenders, including Life Insurance Corporation of India, ICICI Bank, and Union Bank.

Furthermore, Reliance Infrastructure reached an agreement with Adani Electricity Mumbai Limited and Adani Energy Solutions Limited to settle disputes and withdraw arbitration claims.

The stock opened at ₹284.00 on the BSE, slightly lower than the previous day’s closing price, but quickly gained momentum, reaching a high of ₹320.

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